摘要：This paper employs a modified and reduced form of accelerationist Phillips curve to examine the postwar US inflation-unemployment trade-offs, considering the Fed’s dual monetary, capturing the degree of inflation persistence, and therefore testing for the credibility hypothesis for each decade during the postwar era. The core findings suggest that the credibility of a disinflationary policy hinges on its expeditious implementation, and vice versa. The degree of persistence reflects the speed with which inflation responds to a change in monetary policy, and hence reveals the dynamic of monetary policy credibility.
